From: jeffrey E. <[email protected]> Sent: Sunday, August 16, 2015 1:21 PM To: Gianni Serazzi Subject: Re: understood, as you are well aware, the structures*=A0 could range from a secured loan to biz and you personally . =C240 security could not be subject to litigation. ex. structu=ed so the burden is on you . not the lender. the secuirty is transfe=red on closing and you get it back when money is repaid. not the reverse,=C2*. i see that the decline is over a year old. as you say =e jean carlo, but obvious by nov. of 14, we are =ow sept 15. I only see numbers , not mother or im sure a=wide range of jean carlos excuses. On Sun, Aug 16, 2015 at 8:48 AM, Gianni =erazzi < <mailto -> wrote: I understand and I thank you for your consider=tion. The 800 will go to cover net working capital coming from growth and to get =ne final director for the print division. Of the other 3 directors one is =erforming really well and the other 2 I just brought them over to these po=itions in July. If just one of them makes it we will be at 600k profit. Ab=ut 150-200k need to go to Paris to bring in a strong team and finance net =orking capital. As per the forecast vs actual you see very clearly the deter=oration coming in the summer of 2014. Giancarlo started spending 2 days in=the agency, fired the director and then dealt with the problems of h=s mother. I am confident that I will put it again on the right track. Not =asy but we will become as strong as fashion. G On Aug 16, 2015 2:33 PM, "jeffrey E." =lt;jeevacation@=mail.com <mailto:[email protected]> wrote: all the agencies , now sell for roughly 50 - 60=perecent of revenue, used to be 100 -125%. no valu= admitteldy to contingent case recovery, which could/ should be out=of the deal. ie you keep it . . where does t=e 800 go, ? if it is to factor receivables. . one thing=C20 if it is to buy bookers. another, very aggressive , prio= projections are a big neg factor. in valuations. very big.,=A0 .